Tontitown Apartments Sold for $15.8M (NWA Real Deals)


A Houston real estate investor couple paid $15.8 million for the Reserve at Tontitown apartment complex.

Trevor and Christina Shakiba are the co-founders of Shakiba Capital, which bought the 132-unit complex through their 153 Apartments LLC. The complex opened in October southeast of Henri De Tonti Boulevard and Klenc Road.

The Shakibas also paid $4.45 million for Ruscelli Villas, an adjacent complex of 15 duplexes. The joined complexes also have 36 climate-controlled storage units on the campus.

“Not your typical closing but Christina Shakiba and I are thrilled to close our new multi-family investment: ‘The Reserve at Tontitown’!,” Trevor Shakiba wrote in a social media post.

First National Bank in Fort Smith provided a loan of more than $15.1 million.

The seller of both properties was Brooks Norris, CEO of Norris Development of Fort Smith. Norris, an investor and contractor, acquired the tracts for $1.23 million in separate transactions with Eileen Mantegani and Joseph and Murrel Mantegani in 2019.

Fiesta Square

Mathias Properties of Springdale paid $3.4 million for a 4-acre portion of the Fiesta Square retail center in Fayetteville.

Mathias Properties, led by owner Sam Mathias, bought the property through its Mathias Shopping Centers Inc. subsidiary. Mathias already owned the other parcels that make up Fiesta Square.

The portion acquired is anchored by a Harps Food Store location. First National Bank of Paragould assisted the purchase with loans totaling $3.4 million.

The seller was Waldorf Shopping Mall Inc. of White Plains, Maryland, led by Ray Mertz.

Taylor Street Apartments

An 18-unit apartment complex on Taylor Street in Fayetteville sold for slightly more than $1 million to BDM Realty LLC, led by Dustin Davis of Elkins. Davis bought two Fayetteville complexes last year.

First State Bank in Russellville provided a loan of $1.58 million.

The seller was Acorn Investments LLC, led by Greg and Julie Oakhill of Fayetteville. They acquired the property for $500,000 in 2010.

Freckled Hen

The owners of the Freckled Hen Farmhouse general store paid $725,000 for a vacant retail store and land on North College Avenue in Fayetteville.

Natalie and Luke Freeman, through their Freckled Hen Properties LLC, were the buyers. The property includes a 2,709-SF retail building and a small cottage. The Freemans plan to open a Freckled Hen Home store at the location, a few blocks north of the original store. The 927-SF cottage has been converted to a bed and breakfast rental property. Legacy National Bank assisted the purchase with a loan of almost $660,000.

The seller was Weathered Wood Furniture Inc., led by Michael and Betsy Pugh of Fayetteville. The Pughs had operated Weathered Goods, a handmade furniture and decor store, at the site.

King’s Corner

A gas station and convenience store on West Huntsville Avenue in Springdale sold for $1.4 million.

Xville LLC, led by Edward Bailey of Little Rock, bought the 3,800-SF King’s Corner store. It sits on 1 acre on the northwest corner of Huntsville and North Gutensohn Road.

Sterling Bank of Poplar Bluff, Missouri, assisted the purchase with a loan of slightly more than $2 million.

The seller was the Glen & Tammie Calhoun Family Trust, led by Glen and Tammie Calhoun of Springdale. Glen Calhoun acquired the property in 2002 for $700,000.

East Fayetteville Land

A 2.5-acre property near the intersection of Mission Boulevard and Crossover Road sold for $1.16 million.

Gary Nichols, through his Hillcrest Holdings LLC of Johnson, bought the tract, which is across from a Walmart Neighborhood Market and northeast of the busy intersection. Arvest Bank provided an $870,000 loan.

The sellers were Timothy and Christine Klinger of Fayetteville. They paid $86,000 for the land in 1991.